Greg Akers Received Carve Out of $100k

Successful closing in beautiful San Diego! $100,000 Carveoutwas granted to Trustee Greg Akers of the Southern District. This million dollar asset was short sold with the cooperation of Wells Fargo on the first and second under the ruling of Judge Bowie. The closing was great accomplishment after pursuing the short sale for two years.

Lynda T. Bui Received Carve Out of $15k

San Bernardino County sees first BK Short Sale in the area!Trustee Lynda Bui was able to create a carve out for her estate with a Wells
Fargo property. The $15,000 carve out was an asset that allowed her to pay off
unsecured creditors for the debtors. Wells Fargo has been a valued partner in
the Bankruptcy Short Sales and has created a relationship with our team and the
Trustees to short sale these homes.

Sam Leslie Received Carve Out of $200k

Central District Trustee Sam Leslie was able to produce monies for his estate in a case that was praised by the City of Beverly Hills. The carve out was $200,000 on a sale that paid the first in full. Bank of America cooperated with the sale of the property after the overbid procedure took place under Judge Bluebond. Congratulations for creating an asset out of the real estate in this case and estate.

Ronald E. Stadtmueller Created a Carve Out of $19,925

Our first closing for Trustee Ronald Stadtmueller in San Diego created a carve out of $19,925! BKSS assisted the Trustee in obtaining a short sale approval with CHASE and the 2nd lienholder, SunTrust. Trustee Stadtmueller was able to create an asset out of this underwater property. With his partnership, we were able to negotiate with the lienholders so that all parties came to a resolution. We look forward to closing many more in San Diego!

Lynda T. Bui Received Carve Out of $25k

Successful closing in California! $25,000 Carveout was granted to Trustee Lynda Bui! Ocwen approved the sale of property in the Central District. The sale was approved by Judge Houle after an overbid procedure. Ocwen only required a complete short sale package and Trustee signed seller documents. Congratulations to the Trustee for creating funds for this estate!

Michael Dacquisto Received Carve Out of $40k

The Eastern District experienced their first Bankruptcy Short Sale this month with a sale of $640,000! Trustee Michael Dacquisto was able to benefit the estate in this case by partnering with Wells Fargo who approved the short sale for this file. The carve out for the estate was secured at $40,000.

The report states that
ATTOM Data Solutions analyzes publicly recorded real estate data collected by the company, including foreclosure status, equity, and owner-occupancy status, and matches the data against monthly updated vacancy data from the U.S. Postal Service.

As of the end of the third quarter, the report states that 18,304 U.S. residential properties actively in the foreclosure process were vacant. This represents 4.7 percent of all residential properties in foreclosure. In addition, the number of zombie foreclosures decreased 5 percent from the previous quarter as well as decreased 9 percent from Q3 2015.

It was also noted that there were 46,604 vacant bank-owned residential properties as of the end of the third quarter. This was a reported increase of 7 percent from the previous quarter and up 67 percent from Q3 2015.

"A strong seller’s market along with political pressure has likely motivated lenders to complete the foreclosure process over the past year on many vacant properties that were lingering in foreclosure limbo for years,” said Daren Blomquist, senior vice president at
ATTOM Data Solutions. "While that has reduced the number of vacant properties in the foreclosure process — so-called zombie foreclosures — it has also resulted in a corresponding rise in the number of vacant bank-owned homes. Assuming that the foreclosing lenders are maintaining these properties and paying the property taxes, they pose less of a threat to neighborhood quality than zombie foreclosures, but they still represent latent inventory in an inventory-starved housing market.”

The report says that the states with the most vacant REO properties as of the end of the third quarter were Florida with 5,880 properties, Michigan with 4,661 properties, Ohio with 3,585 properties, Illinois with 2,652 properties, and Georgia with 2,626 properties.

In addition, the report states that among 148 metropolitan statistical areas with at least 100,000 residential properties analyzed, those with the most vacant REOs were Detroit with 2,386 properties, Chicago with 2,379 properties, Miami with 1,880 properties, Philadelphia with 1,737 properties, and New York with 1,668 properties. The report notes that other metro areas in the top 10 for most vacant REOs were Baltimore with 1,649 properties, Atlanta with 1,573 properties, Tampa with 1,310 properties, Cleveland with 1,106 properties, and Flint, Michigan with 1,091 properties.

States with the most vacant foreclosures, or zombie properties, were New Jersey with 3,698 properties, New York with 3,556 properties, Florida with 2,528 properties, Illinois with 1,018 properties, and Ohio with 999 properties. The report also says that metro areas with the highest number of vacant foreclosures included New York with 3,590 properties, Philadelphia with 1,525 properties, Chicago with 783 properties, Miami with 694 properties, and Tampa with 603 properties.

A total of 1,035,813 U.S. residential investment properties were vacant as of the end of Q3 2016. This was 76.1 percent of all vacant properties nationwide and the report says that it represents 4.3 percent of all investment properties as well.

It was reported that states with highest investment property vacancy rate included Michigan at 10.3 percent, Indiana at 9.8 percent, Alabama at 6.9 percent, Mississippi at 6.6 percent, and Kansas at 6.5 percent.

ATTOM Data Solutions also included the metro areas with the highest investment property vacancy rate which included Flint, Michigan at 24.3 percent, Detroit at 12.6 percent, Youngstown, Ohio at 12.1 percent, South Bend, Indiana at 11.5 percent, and Indianapolis at 11.0 percent.

Permanent Loan Modifications Rise Higher in Q2

HOPE NOW recently released its Q2 2016 data, and it reported over 100,000 permanent modifications completed during the past quarter.

From April through June 2016, 100,198 permanent loan modifications signified a 16 percent increase from Q1 2016. Of these loan modifications, approximately 69,000 homeowners received proprietary loan modifications as well as 31,684 homeowners received loan modifications completed under the Home Affordable Modification Program (HAMP).

"The Q2-2016 data report confirms the continuous decline of serious delinquency rates across the country. With the lowest reported total to date (1.54 million), markets continue to make recovery from the housing crisis,” said Eric Selk, Executive Director for HOPE NOW. "For those homeowners who still face struggles with affording their mortgage, there are a plethora of options available to them. HOPE NOW servicers remain committed to assisting
homeowners avoid foreclosure. The 335,000 non-foreclosure solutions that servicers offered in Q2 is a testament to the assistance that is still being offered. Completed foreclosure sales remain on a consistent decline and the 150,000 homeowners that entered foreclosure in April – June is the lowest quarterly reported total. Despite starting foreclosure, these borrowers will be reviewed for numerous retention and non-retention options before foreclosure is completed.”

Additionally, approximately 335,000 homeowners received non-foreclosure solutions from mortgage servicers in Q2. Other non-foreclosure solutions included modifications, short sales repayment plans, deeds in lieu, other retention plans, and liquidation plans. The report states that in situations where a homeowner does not qualify for
long term permanent loan modification, mortgage servicers continue to look for
short term options that could potentially lead to a permanent solution. Sited by the report is the note that some families will be able to come back from delinquency with a short term repayment plan.

"While home retention options are the desired outcome for most homeowners, there is an impressive number of solutions at the industry’s disposal for handling cases in which a HAMP modification or proprietary modification is not viable,” said Selk. "Often these
short term alternatives and liquidation options are in the best interest of the homeowner and many times at their request in the case of short sales and deeds in lieu. HOPE NOW’s members have always taken a collaborative approach to assisting families and this coalition of partnerships has led to a significant nationwide housing recovery.”

The report also noted that non-foreclosure solutions continue to outpace completed foreclosure sales by a margin of more than four to one with 335,000 solutions to 81,000 foreclosure sales. HOPE NOW states that the variety of solutions that a servicer is able to provide to an at-risk homeowner allows for the homeowner to avoid a foreclosure sale in most circumstances.

13834 Blue Sage Ln Valley Center CA 92082 - Closed

Posted on March 17, 2014 by Admin

Our first closing for Trustee Ronald Stadtmueller in San Diego created a carve out of $19,925! BKSS assisted the Trustee in obtaining a short sale approval with CHASE and the 2nd lienholder, SunTrust. Trustee Stadtmueller was able to create an asset out of this underwater property. With his partnership, we were able to negotiate with the lienholders so that all parties came to a resolution. We look forward to closing many more in San Diego!

C.A.R.'s Short Sale Tax Forgiveness Webinar

Posted on February 14, 2014 by Admin

Tuesday, Feb. 25, 2014, 2 p.m. - 3 p.m. PST

FREE FOR ALL C.A.R. MEMBERS.

Due to extensions, changes, and misunderstandings, many REALTORS®, homeowners, and sellers are uncertain when or if homeowners who sell their home in a short sale have to pay income taxes on the forgiven debt.

Join C.A.R. Senior Legal Counselor Sanjay Wagle and C.A.R. Federal Government Affairs Manager Matt Roberts, as they discuss who qualifies for short sale tax forgiveness, letters issued by the IRS and California Tax Board, common misperceptions about the law, and how REALTORS® can explain it all to their clients.

This webinar is sure to fill up fast, so register today!

California's Transition Assistance Program

If your financially distressed California clients can no longer afford their homes and are pursuing a short sale or a deed in lieu of foreclosure, they may be eligible for financial help with their relocation to alternative housing.

The funds come from the Transition Assistance Program (TAP), part of the Keep Your Home California Program.

The state of California is providing up to $5,000 in transition assistance to qualified homeowners who can no longer afford to stay in their homes. You can help by advising your distressed clients that they must:

Apply for the funds through their state's website or by calling 1.888.954.5337.

Maintain their property until their house is sold or returned to the lender via a negotiated deed in lieu of foreclosure.

For qualified homeowners, these state funds may be used in addition to any other transition assistance that the homeowner may receive by participating in the Federal Home Affordable Foreclosure Alternatives (HAFA) program or in any other pre-offer short sale program.

To learn more about the Transition Assistance Program's guidelines, and how your clients may qualify, please visit that program's website at http://keepyourhomecalifornia.org. You can also direct your clients to call 1.888.954.5337 and identify themselves as Bank of America customers.

Carve-Out $15,000 Or More!

How would you like to carve-out at least $15,000 from every underwater property that the debtor owns? The higher the property value, the larger the carve-out, regardless of the amount owed to lien holders. Commercial properties and land also can be short sold.

We Do All The Negotations

We negotiate directly with the lien holders, get paid a real estate commission by the lien holders, and ensure that the estate receives a minimum of $15,000 that is approved by the bankruptcy court.